New Delhi: The prestigious Indian Institutes of Management (IIMs) have been allowed to open campuses abroad, a human resource development (HRD) ministry official said Wednesday.
In a decision taken at a meeting between HRD Minister Kapil Sibal and the directors and chairpersons of the IIMs, full powers have been given to the boards of the institutions to open new centres in India and abroad.
"The other powers given to the boards include freedom to create posts within the approved norms, freedom to amend rules of the IIMs within the framework of memorandum of association and rules, power to acquire and dispose property not fully or partially funded by the ministry, powers to approve their own budget and also to manage the funds generated by the IIMs on their own," the official said.
However, the number of members on IIMs` boards has been reduced to 14.
The official hinted that an overhaul may be on the cards as the issue of representing the IIM society, the government, the faculty and the alumni on the boards was also discussed.
"It was also decided, in principle, that directors of IIMs will now be appointed through a process wherein the board of governors of the IIMs would suggest three names to the government from which it will choose one," the official said.
It was also decided that the IIMs will be free to raise the salaries of their directors and faculty from the funds generated in-house.
"The minister has also directed that old and new IIMs sit together to streamline the use of technology for class scheduling, attendance and marks compilation," the official said.
The minister pointed out the board should take steps to prepare annual action plans and key performance indicators at each level and be fully accountable and transparent.